Rice recorded the highest growth rate among export items, fetching US$2.6 billion between January-October, a year-on-year increase of 83 percent. This was followed by coal (US$1.2 billion, up 57 percent), crude oil (US$9.5 billion, up 43 percent), and garments and textiles (US$7.6 billion, up 20 percent) from a year ago.

Footwear, electronic appliances and computers, coffee, rubber and wood products also kept up high export values and growth rates.

In October, however, the global prices of a variety of products dropped, having a great impact on a number of Vietnamese export products. The export values of crude oil and rice fell by almost US$100 million compared to September, while rubber and coffee export values fell by tens of millions of USD.

The country earned just US$5.1 billion from exports in October, against US$5.3 billion the previous month.

In terms of imports, Vietnam imported goods worth US$5.8 billion in October, bringing the turnover in the first ten months of this year to over US$70 billion, a year-on-year increase of 42.6 percent.

As a result, the trade deficit was US$700 million in October and US$17 billion over the first ten months of 2008. Experts said that the target of keeping the trade deficit at US$19 billion for 2008, equal to 29 percent of export value, is within reach.

According to a number of experts, the global financial crisis will create new obstacles to the country’s exports during the remaining months of the year.

Against this backdrop, the government’s strategic goals of increasing exports, controlling imports and reducing the trade deficit have been considered at the on-going session of the National Assembly with determination to earn US$76.7 billion from exports and maintain the trade deficit at US$20.7 billion for 2009.